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Updated almost 10 years ago,

User Stats

4
Posts
2
Votes
Nicole Brush
  • Haverhill, MA
2
Votes |
4
Posts

Where do I go from here?

Nicole Brush
  • Haverhill, MA
Posted

I found a two unit house in MA that I want to completely rehab.  I would live in one unit and rent out the other.  I can easily afford the mortgage with 20% down but that would eat up all my cash so I'm unsure how to finance the rehab.  I don't want to make an offer without knowing that I'll be able to afford it.  Just ball-park, off the cuff, no reason for this number, I'm guessing it will take 200K to rehab.  I obviously want to bring a contractor in to take a look and give me a better estimate but again, I don't want to proceed if I'll be unable to purchase.  

Where do I go from here?  Can I make an offer in order to get a contractor in?  Can I just request a second showing with a contractor (but I would want more than one contractor estimate) and I would want to act quickly in order to secure the property.  I know of a 203k loan, are there other types of financing available for this type of project?  

Thanks so much for the help

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